Best of the Week
Most Popular
1. The Trump Stock Market Trap May Be Triggered - Barry_M_Ferguson
2.Why are Central Banks Buying Gold and Dumping Dollars? - Richard_Mills
3.US China War - Thucydides Trap and gold - Richard_Mills
4.Gold Price Trend Forcast to End September 2019 - Nadeem_Walayat
5.Money Saving Kids Gardening Growing Giant Sunflowers Summer Fun - Anika_Walayat
6.US Dollar Breakdown Begins, Gold Price to Bolt Higher - Jim_Willie_CB
7.INTEL (INTC) Stock Investing to Profit From AI Machine Learning Boom - Nadeem_Walayat
8.Will Google AI Kill Us? Man vs Machine Intelligence - N_Walayat
9.US Prepares for Currency War with China - Richard_Mills
10.Gold Price Epochal Breakout Will Not Be Negated by a Correction - Clive Maund
Last 7 days
Dow Stock Market Trend Forecast Update - 21st Sep 19
Is Stock Market Price Revaluation Event About To Happen? - 21st Sep 19
Gold Leads, Will the Rest Follow? - 21st Sep 19
Are Cowboys Really Dreaming of... Electric Trucks? - 21st Sep 19
Gold among Negative-Yielding Bonds - 20th Sep 19
Panicky Fed Flooding Overnight Markets with Cash - 20th Sep 19
Uber Stock Price Will Crash on November 6 - 20th Sep 19
Semiconductor Stocks Sector Market & Economic Leader - 20th Sep 19
Learning Artificial Intelligence - What is a Neural Network? - 20th Sep 19
Precious Metals Setting Up Another Momentum Base/Bottom - 20th Sep 19
Small Marketing Budget? No Problem! - 20th Sep 19
The Many Forex Trading Opportunities the Fed Day Has Dealt Us - 19th Sep 19
Fed Cuts Interest Rates and Gold Drops. Again - 19th Sep 19
Silver Still Cheap Relative to Gold, Trend Forecast Update Video - 19th Sep 19
Baby Boomers Are the Worst Investors in the World - 19th Sep 19
Your $1,229 FREE Tticket to Elliott Market Analysis & Trading Set-ups - 19th Sep 19
Is The Stock Market Other Shoe About To Drop With Fed News? - 19th Sep 19
Bitcoin Price 2019 Trend Current State - 18th Sep 19
No More Realtors… These Start-ups Will Buy Your House in Less than 20 Days - 18th Sep 19
Gold Bugs And Manipulation Theorists Unite – Another “Manipulation” Indictment - 18th Sep 19
Central Bankers' Desperate Grab for Power - 18th Sep 19
Oil Shock! Will War Drums, Inflation Fears Ignite Gold and Silver Markets? - 18th Sep 19
Importance Of Internal Rate Of Return For A Business - 18th Sep 19
Gold Bull Market Ultimate Upside Target - 17th Sep 19
Gold Spikes on the Saudi Oil Attacks: Can It Last? - 17th Sep 19
Stock Market VIX To Begin A New Uptrend and What it Means - 17th Sep 19
Philippines, China and US: Joint Exploration Vs Rearmament and Nuclear Weapons - 17th Sep 19
What Are The Real Upside Targets For Crude Oil Price Post Drone Attack? - 17th Sep 19
Curse of Technology Weapons - 17th Sep 19
Media Hypes Recession Whilst Trump Proposes a Tax on Savings - 17th Sep 19
Understanding Ways To Stretch Your Investments Further - 17th Sep 19
Trading Natural Gas As The Season Changes - 16th Sep 19
Cameco Crash, Uranium Sector Won’t Catch a break - 16th Sep 19
These Indicators Point to an Early 2020 Economic Downturn - 16th Sep 19
Gold When Global Insanity Prevails - 16th Sep 19
Stock Market Looking Toppy - 16th Sep 19
Is the Stocks Bull Market Nearing an End? - 16th Sep 19
US Stock Market Indexes Continue to Rally Within A Defined Range - 16th Sep 19
What If Gold Is NOT In A New Bull Market? - 16th Sep 19
A History Lesson For Pundits Who Don’t Believe Stocks Are Overvalued - 16th Sep 19
The Disconnect Between Millennials and Real Estate - 16th Sep 19
Tech Giants Will Crash in the Next Stock Market Downturn - 15th Sep 19
Will Draghi’s Swan Song Revive the Eurozone? And Gold? - 15th Sep 19
The Race to Depreciate Fiat Currencies Is Accelerating - 15th Sep 19
Can Crypto casino beat Hybrid casino - 15th Sep 19
British Pound GBP vs Brexit Chaos Timeline - 14th Sep 19
Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - 14th Sep 19
War Gaming the US-China Trade War - 14th Sep 19
Buying a Budgie, Parakeet for the First Time from a Pet Shop - Jollyes UK - 14th Sep 19
Crude Oil Price Setting Up For A Downside Price Rotation - 13th Sep 19
A “Looming” Recession Is a Gold Golden Opportunity - 13th Sep 19
Is 2019 Similar to 2007? What Does It Mean For Gold? - 13th Sep 19
How Did the Philippines Establish Itself as a World Leader in Call Centre Outsourcing? - 13th Sep 19
UK General Election Forecast 2019 - Betting Market Odds - 13th Sep 19
Energy Sector Reaches Key Low Point – Start Looking For The Next Move - 13th Sep 19
Weakening Shale Productivity "VERY Bullish" For Oil Prices - 13th Sep 19
Stock Market Dow to 38,000 by 2022 - 13th Sep 19 - readtheticker
Gold under NIRP? | Negative Interest Rates vs Bullion - 12th Sep 19
Land Rover Discovery Sport Brake Pads and Discs's Replace, Dealer Check and Cost - 12th Sep 19
Stock Market Crash Black Swan Event Set Up Sept 12th? - 12th Sep 19
Increased Pension Liabilities During the Coming Stock Market Crash - 12th Sep 19
Gold at Support: the Upcoming Move - 12th Sep 19
Precious Metals, US Dollar, Stocks – How It All Relates – Part II - 12th Sep 19

Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

New Dawn for the iGaming Industry in the United States

Personal_Finance / Gambling Aug 19, 2019 - 03:09 PM GMT

By: Submissions

Personal_Finance The global gambling sector has been evolving tremendously over the past decade thanks to new or emerging technologies and markets. There is no better time to be in the gambling business than now since we are experiencing a revolution of sorts in as far as the very lucrative gambling sector is concerned. This year, it has been predicted the global gross yield from gambling will be as much as $500 billion – it is expected to be even much higher in the near future.

Unsurprisingly, the United States is expected to be a huge contributor to global gambling revenue. Needless to say, this would not be the case a few years back especially considering how reluctant the country has previously been when it comes to certain gambling activities. This does not necessarily mean that the country was lagging behind in terms of gambling revenue. In fact, its land-based casino operations are very profitable and attract visitors from all around the world. Even so, the shifting dynamics of the gambling scene in the United States can definitely not be ignored especially because it will have an impact on the rest of the world.

The Question of Legality

From a legal perspective, gambling in the United States has been through quite the rollercoaster, at least for certain periods of time. As mentioned earlier, there has been laxity in the legalization and regulation of some forms of gambling in the United States and this was due to conflicting ideologies and some very restrictive laws.

To begin with, there is the very controversial 1961 Wire Act which is still causing trouble to date – it has been debated on several occasions specifically due to conflicts between different gambling sectors. In 2011 the Department of Justice (DOJ) Office of Legal Counsel issued a new interpretation of the Wire Act opinion which stated that the law only applied to sports betting. There were attempts to reverse this opinion in early 2019 but these efforts proved futile after a federal court ruled against the move. This happened just as some gambling activities were being considered for legalization in certain states and for a moment there was little hope for elements of gambling such as multistate player pools.

The Wire Act aside, May 2018 saw the delivery of another landmark ruling, only this time it was by the United States Supreme Court. This ruling was the abolishment of the Professional and Amateur Sports Protection Act (PASPA), a move that officially lifted the federal ban on sports betting and gave the states the power to decide on whether or not they wanted to legalize and regulate the activity.

These two laws have certainly been monumental to the state of the gambling industry and each of them has had an impact on how things have turned out.

Online Gambling and the UIGEA

Online gambling has existed in the United States since the very early days of the internet. In that period, there have been ups and downs with one of the biggest hurdles it faced being the Unlawful Internet Gambling Act (UIGEA). While this Act is not much of an issue at this time, it shaped the online gambling industry in very many ways that it would be difficult to dismiss it.

Online gambling has spread to a number of states and the industry is even anticipated to rise to an awe-inspiring 81.71 billion in revenue by 2022 according to experts at Legalization of online gambling has been spreading to many more states across the country thanks to newly forged partnerships and massive technological advancements. Things are looking up for this industry. Case in point, a recent market forecast estimate that the legalization of online poker along would result in about 10,000 jobs as well as $2 billion in tax revenue every year. That is definitely a great place to start.

Enter Sports Betting

Since the unanimous Supreme Court ruling was delivered by the Supreme Court in May 2018, sports betting has gone beyond Nevada and has either been legalized or is being considered for legalization in 13 states. Moreover, over 20 other states have similar considerations in the works – sports betting bills are expected to be tabled in at more than 35 states by the time 2020 rolls sounds. Now, the biggest impact from this will be from the fact that over half of Americans will be living in states where sports betting is legalized and regulated.

To put the significance of this into perspective, we must look back at how fast the country's sports betting industry has grown since PASPA was abolished just a little over a year ago. For instance, there have been several new partnerships in various states, some professional sports leagues finally came to their senses and embraced the activity and almost $259 million in revenue has been generated. Could it get any better than that? Well, it definitely will.

New Frontiers

The future of gambling in both the United States and the rest of the world is about to become incredibly diverse. New forms of gambling have emerged and some of them are already gaining a lot of traction. People are now even able to play casino games within other video games. But these are just the tip of the iceberg. What we should already be looking at keenly at is esports.

esports are not an entirely new phenomenon, especially for the modern generation. Today, esports is a fully-fledged industry whose revenue dwarves that of several industries that have had decades in operation. Esports is still growing and its rapid growth has led to the rapid growth of gambling-related activities. It comes as no surprise that people would be betting on esports but the value of that particular market was way above what many people expected it to be. Already a number of esports gambling sites have come up and this has motivated existing gambling platforms to offer odds on competitive video games.

Finally, you might have had of cryptocurrencies and blockchain and how they are set to change the world. This might be true but one thing is for sure, they are already having quite the impact on the gambling industry. Blockchain casinos are quite common these days and many of them even have their own digital currencies to boot. Not many people saw this coming.

Anyway, brace yourself because it is about to get very exciting.

By Nancy Miles

© 2019 Copyright Nancy Miles - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules